PIMFA Weekly News Bulletin - 7 June 2021

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PIMFA WEEKLY NEWS BULLETIN | 7 June 2021 Dear Nigel,

Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read this week's latest industry news impacting you and your firm.

UK agrees a trade deal with Norway, Iceland and Liechtenstein

The United Kingdom secured a new trade deal with Norway, Iceland and Liechtenstein on Friday (4 June). The Government said the deal would boost British business sectors like digital services, slash tariffs for British food exports and farm products and support jobs.The deal is the first time the three European countries have included dedicated chapters on digital trade and small businesses, making it the most advanced they have done to date.

New digital provisions mean British exports to Norway and Iceland, will allow goods to move more quickly across borders thanks to electronic documents, contracts and signatures. The agreement also means UK businesses will be able to bid for more government contracts in Norway, Iceland and Liechtenstein.

IRSG: Financial Services Priorities for the UK’S G7 Presidency

The International Regulatory Strategy Group (IRSG) has called on the UK to tackle the most pressing challenges for the global economy next week when it assumes the Presidency of the G7.

In a paper entitled: ‘Financial Services Priorities for the UK's G7 Presidency’ the IRSG outlines a series of financial and professional services industry 'asks' ahead of the meeting of the the worlds seven richest nations.

The paper argues the UK’s G7 presidency must tackle the most pressing challenges for the global economy by focussing on global regulatory cooperation to aid pandemic recovery; and lead on developments in sustainable finance ahead of the UK co-hosting COP26 with Italy.

It also says the G7 should focus on the need for digital policy continuity, including on digital taxation, to build on the efforts of G7 presidency predecessors and opportunities for cooperation and alignment with the G20 Italian presidency on global policy priorities for financial services.

Lord Frost on engagement regarding EU matters

The Government intends to ensure "effective implementation" of the Trade and Cooperation Agreement with the European Union (EU), Cabinet Office minister Lord Frost said this week, as he called for more cooperation between the devolved governments and London in dealings with Brussels.

Writing to the thee devolved governments, Lord Frost said he would ensure officials from the three nations were kept informed of any discussion between London and Brussels that might affect them. He also emphasised the importance of a coordinated response between the devolved administrations and Downing Street in interactions with the EU, so that the Government “can conduct its international affairs effectively in our new relationship with the EU".

Lord Frost suggested the devolved administrations keep the Government informed "about the fact and content of significant interaction with the EU institutions and the Member

States”. He also invited leaders of the devolved administrations to meet him ahead of the first EU-UK Joint Partnership Council, which is due to hold its first meeting in June.

HM Treasury to extend PRIIPs exemption for UCITS funds for five years

The Treasury has announced it's intention to extend exemptions for Undertakings for the Collective Investment in Transferable Securities (UCITS) funds from the requirements of the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulation by five years to 31 December 2026.

Instead of producing a Key Information Document (KID), UCITS fund providers must produce a Key Investor Information Document (KIID).This current exemption is due to expire on 31 December 2021. Extending the exemption will require legislation.

The announcement, is designed to provide certainty regarding the disclosures UCITS funds providers will have to make to retail investors beyond the end of 2021. While the current exemption will be extended by five years, depending on the result of HM Treasury’s review of the UK retail disclosure regime, changes to the PRIIPs Regulation may be made – or a successor regulation may be introduced – sooner than 2026.

In this scenario, considerations would be made to ensure a smooth transition to the new regime for all retail investment product providers, including those marketing UCITS funds.

COP 26 President urging all companies and all investors to join the race to zero

The COP26 Summit later this year will be "a watershed moment" when the world gets on track to avert the worst effects of climate change, limits global temperature rises and makes the goals of the Paris Agreement a reality. Alok Sharma, President for COP 26, said last week..

Speaking at the Responsible Business 2021 summit hosted by Reuters, Sharma urged all

companies and investors to join the race to zero campaign ahead of COP26, adding that “we are at a critical point in the fight against climate change. Climate action that is not in line with the Paris Agreement is simply not enough”.

The race to zero was a gold standard, Sharma said, adding a set of robust and rigorous targets based on the science showed net zero was "not some vague aspiration for a distant point in the future, but a concrete plan for the here and now".

“Joining is not only good for the planet, it’s good for business. 70% of the global economy is now covered by net zero targets. So, ultimately, business practices are going to have to shift, they’re going to have to go green, and you’ve got a choice to make," he said.

Latest PIMFA Press Releases

Rosie Reynolds Marketing joins as the latest PIMFA Plus Partner to help firms develop their digital futures

Latest PIMFA Press Coverage

Portfolio Adviser: Mass UK adviser exit fails to materialise despite tougher regulation

PIMFA voices disappointment at fee approach for Appointed Representatives

Money Age: AMI criticises FCA’s fees and

PIMFA launches their first industry awards to recognise companies promoting diversity and inclusion

FT Adviser: Diversity In Finance Awards:

PIMFA welcomes FCA plans to stop Claims Management Companies from ‘Phoenixing’

Wealth Adviser: Rosie Reynolds Marketing

levies consultation

Shortlist revealed

becomes latest PIMFA Plus Partner PIMFA welcomes FCA proposals to enhance consumer protections but warns against unintended consequences

International Investment: Mass UK adviser exit fails to materialise

EVENTS & LEARNING

Diversity & Inclusion Awards Entries Close: 17 August | Event Date: 20 October We are very proud to announce the inaugural PIMFA Diversity & Inclusion Awards will be taking place on 20 October and entries are NOW OPEN! Please click here to view the categories.

One of the PIMFA priorities is to develop, support and encourage initiatives to create a more diverse and inclusive industry, and we know there are pockets of D&I good practice that remain hidden or unrecognised, so we are launching the PIMFA D&I Awards 2021 as an opportunity for your firm and colleagues to be recognised for the wonderful work being carried out.

Entry to the PIMFA D&I Awards is free and open to all firms and stakeholders in the wealth management, investment services and financial advice sector.

Organisations both large and small will have examples where they are working to develop diversity and inclusion within their organisation or the industry.

Please click here to find out more and start your entry.

View upcoming PIMFA Events and Learning here.

PARTNER EVENTS

Morningstar Investment Conference 29 - 30 June

The annual Morningstar Investment Conference will be taking place as a digital event again this year, hosted online on 29-30 June.

The conference is FREE for advisers, wealth managers and paraplanners to attend.

The agenda continues to grow! As well as sessions on ESG and how it can be implemented into the Adviser practice; Greenwashing (presented by Hortense Bioy, Director, Sustainability Research, Global Manager Research at Morningstar, a session from foreign affairs broadcaster Tim Marshall on Geopolitics and Jim Leaviss, Head of Public Fixed Income and Fund Manager of the M&G Global Macro Bond Fund who will be discussing the importance of a flexible approach when it comes to Fixed Income Investing.

More speakers will be joining and you can rest assured that we will include research, insights, and analysis from our Morningstar subject matter experts that can help us all explore new horizons for empowering investor success.

All content from the conference will be available on demand until 30 July.

Find out more and register here.

FSCS launch their Pension Protection Checker

The Financial Services Compensation Scheme (FSCS) has launched a new campaign to highlight the importance of checking that your pensions and investments are FSCS

protected. If you have a pension or investment - or you're thinking of getting one - it's worth answering just a few simple questions to check that it's FSCS protected, and what the compensation levels are, just in case something goes wrong.

The FSCS Pension Protection Checker can be found here.

PIMFA's Consultation Responses

PIMFA’s latest Consultation Response is to the FCA on a new UK Prudential regime for MIFID investment firms.

Read this and all other PIMFA consultation papers here.

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